FX.co ★ Elliott wave analysis of Crude Oil for December 10, 2021

We have seen the expected decline towards the support area between 55.31 - 57.29. We are not quite there yet and expected that crude oil will drop a bit more towards this support area before completing the expanded flat correction in wave 2 and set the stage for the next impulsive rally in wave 3 to way above the peak of wave 1 at 85.41.

Only a direct break above resistance at 79.29 will indicate that wave 2 has completed prematurely and wave 3 already is developing.